Kieran O'Donnell (Fine Gael) | Oireachtas source

This is a very good Bill. I will speak on the five-year provision in due course but will begin by noting that, overall, the Bill is very practical. If the measures contained therein are implemented by the insurance industry, premiums should fall. The measures that provide an increase in transparency along with the revision of the book of quantum should result in a reduction in insurance premiums. I commend Sinn Féin and Deputy Pearse Doherty in particular, on introducing this legislation. I also acknowledge the work done by the Minister of State in this area. He has been one of the most reforming Ministers of State in the area of insurance. His approach has been collaborative.

On the specifics of the legislation, there is no reason that insurance companies cannot provide information on premiums for the previous five years. That data is readily available. I have no doubt that when insurance companies are assessing risk, they use that very data. They have that data in order to assess risk and determine the level of premiums and they should be able to provide it to their customers as well. This is a very practical measure. I may not always agree with Sinn Féin but on this particular issue, I acknowledge that the party has introduced a very practical Bill. Furthermore, in anticipation of the Minister of State's response, six months should be ample time to allow the insurance industry to implement virtually all of these measures. Pressure should continue to be applied to the industry. If all of the measures contained in this Bill are implemented, we should see a reduction in insurance premiums.